Price growth slows as stamp duty deadline nears: Rightmove

This is according to the latest Rightmove House Price Index which shows that after a fast start to the year which saw average asking prices rise by more than usual, February’s price increase was below the longer-term average of +0.8%.

It also reveals that the number of available homes for sale is at a 10-year high reducing sellers’ pricing power  .

There are more than 550,000 homes sold yet awaiting legal completion, 25% more than at this time last year

First-time buyer purchases between £500,001 and £625,000 are most affected, with an extra £11,250 at risk for this group if the deadline is missed, with a log-jam expected as some scramble to complete before March 31st .

Rightmove expects a conveyancing log-jam as some movers scramble to complete their purchase in time.

The latest data shows that moving activity remains robust after the first full month of 2025 compared to a year ago, with the number of new sellers coming to market now 13% ahead, buyer demand 8% ahead, and sales agreed numbers up by 15%.

Eyes on inflation

Global and economic news continues to affect market sentiment and outlook, with attention turning to upcoming inflation and earnings figures.

Commenting on the figures  Rightmove property expert Colleen Babcock said: “New sellers are showing some pricing restraint after a fast start to the year, being mindful of both the high level of seller competition, and in England also of the looming stamp duty deadline and extra costs for some buyers.

Agents report that some of the steam is coming out of new sellers’ price expectations to fit the changing market conditions, which is a sensible reaction to attract buyer interest, and it will also help to support activity levels. The upcoming stamp duty deadline in England remains a key talking point, and while some movers may not be affected at all, others will be more severely impacted.”

Rightmove has previously suggested reforms such as regional variations in stamp duty charges to try and address some of the inequities in the current system.

Babcock concluded: “With the predicted conveyancing log-jam likely to cause some buyers to miss the deadline and end up paying more tax through no fault of their own, it would seem justifiable for the government to announce a short extension before the end of March.”

Green shoots

Responding to the Rightmove analysis Santander head of homes David Morris agreed that pressures were mounting on some but there were positive signs for others.

“As we enter the final six weeks of lower stamp duty rates, the reality is that buyers starting out in their journey will need to pay potentially thousands more to own their home in 2025. However, while costs are increasing on one side, there are green shoots for affordability overall, as we see the return of sub-4% mortgage rates for the first time this year.

“The introduction of a permanent government mortgage guarantee scheme and improving stress-rates as a result of a base rate reduction, bring further welcome improvements for those aspiring to secure a mortgage.”